What is an Owners Corporation?

An Owners Corporation (formerly Body Corporate) manages the common property of a residential, commercial, retail, industrial or mixed-use property development.

What are the Responsibilities of an Owners Corporation?

An Owners Corporation must:

  • Manage and administer the common property
  • Repair and maintain the common property, fixtures and services
  • Take out and maintain required property insurance
  • Raise fees from the lot owners to meet financial obligations
  • Prepare financial statements and keep financial records
  • Provide Owners Corporation certificates when requested
  • Keep an Owners Corporation register
  • Establish a grievance procedure
  • Carry out any functions and duties under the Owners Corporations Act 2006, the Owners Corporations Regulations 2007, the Owners Corporation Rules and any other law or regulation; and
  • Ensure compliance with the Owners Corporations Act 2006, the Owners Corporations Regulations 2007 and the Owners Corporation Rules.

What is the OC Manager's role

Most apartment blocks will have a professional strata manager. Properties without strata managers are considered self-managed blocks, in which one (or all) of the owners have agreed to manage the properties themselves.

Many property owners are unaware that an Owners Corporation has numerous legal obligations. This is to protect the owners' investment and prevent under-insurance and poor building maintenance.

So whether you have a professional manager or self-manage your Owners Corporation, your building must be managed in accordance with the Owners Corporations Act 2006.